Miami s population is 6.2M, with a total workforce of 2.7M. The labor market grew by 52,000 jobs over the past year, up by 2.0%. The median household income in Miami is $57,249, 5.5% higher than last year and 6.7% below the national average of $61,372. In the housing market, total permits issued totaled 20,929 over the last twelve months, up 12.4% year-over-year. Miami has 307 active new home projects on the market, 1.6% fewer than the 312 from last year. The average list price in the market is $593,658, 8.6% higher than last year and 96.1% above the national average. Over the last three months, new home contracts decreased by 25.2% to 1,483. Miami and Homestead had the highest concentration of the new home contracts in the Miami market.